The sporting goods industry is a diverse and constantly evolving sector that encompasses a wide range of products, including athletic apparel, footwear, and equipment for various sports and recreational activities. According to data from the National Sporting Goods Association, the U.S. sporting goods market was valued at over $73 billion in 2020, with a projected growth rate of 3.4% for the next five years.
One of the key trends driving the growth of the sporting goods industry is the increasing focus on health and wellness. As more people become aware of the benefits of regular physical activity, demand for sporting goods and related products has risen significantly. This trend has been further fueled by the COVID-19 pandemic, which has led to a surge in the popularity of outdoor activities and home workouts.
Another factor driving the growth of the sporting goods industry is the rising popularity of e-commerce. With the increasing penetration of the internet and the proliferation of online retail platforms, more and more consumers are turning to the web to purchase sporting goods. This shift towards online shopping has been accelerated by the COVID-19 pandemic, as social distancing measures and lockdowns have made it difficult for consumers to visit brick-and-mortar stores.
However, the sporting goods industry is not without its challenges. One major challenge facing the industry is the intense competition from both domestic and international players. With the proliferation of online platforms, it has become easier for smaller, niche players to enter the market, leading to increased competition for established brands. In addition, many international companies have significant economies of scale, which allows them to offer products at lower prices than their domestic counterparts.
Another challenge facing the sporting goods industry is the increasing cost of raw materials. Many sporting goods products are made from specialized materials that are expensive to produce, such as high-tech fabrics and advanced composites. As a result, rising raw material costs can have a significant impact on the profitability of companies in the industry.
Despite these challenges, the sporting goods industry is expected to continue growing in the coming years. The increasing focus on health and wellness, coupled with the growing popularity of e-commerce, should continue to drive demand for sporting goods and related products. In addition, technological innovations such as the development of smart and connected products are expected to create new opportunities for companies in the industry.
In conclusion, the sporting goods industry is a dynamic and rapidly evolving sector that is driven by trends such as the increasing focus on health and wellness and the growing popularity of e-commerce. While the industry faces challenges such as intense competition and rising raw material costs, it is expected to continue growing in the coming years due to a number of positive trends and technological innovations.
Dick's Sporting Goods Inc: industry comparison and rating
However, availability of counterfeit products along with high prices of few products might restrict the market growth. Furthermore, to build awareness, credibility, and engagement, brands need to increasingly work directly with individual athletes as influencers, who have a much longer reach than events or associations. Please email us at: We are convinced that an appreciation for sports and for an active life is intrinsically linked to preserving this planet. Basis Point Share BPS Analysis by Application 9. David Allemann, cofounder, On Our research suggests five key themes that reflect the current state of play: the continuing growth of digital, an acceleration in sustainability, a closer connection between social media and commerce, the reshaping of distribution channels, and an imperative for new supply chain strategies. In addition, with increasing awareness of health and fitness through encouragement of sports by governments of various countries along with consumer inclination for sports such as ICC Cricket World Cup, Commonwealth Games, Olympics have led to increased sales of varied sporting goods worldwide.
Retail Sporting Goods Market 2023 : Trends, Industry Size, Share, Emerging Trends, Top Leading Players and Forecast 2028
Ball Sports Equipment, one of the segments that are analyzed in the report, is expected to grow at the highest growth rate of 3. Furthermore, the report provides insightful information on future strategies and opportunities of global players. Basis Point Share BPS Analysis by Type 10. Looking at future spending, our report finds, younger generations and consumers in China, India, and the United States are generally more optimistic than older generations and consumers in other geographies in terms of spending. Rising health concerns along with the increasing personal disposable income of consumer has forced consumers to adopt at least one sports activity in their daily routine. On the whole, the report proves to be an effective tool that players can use to gain a competitive edge over their competitors and ensure lasting success in the global Retail Sporting Goods market. Free business intelligence platform with subscription 4.
Statistics & Facts on the Sporting Goods Industry
It is estimated that the Sports is considered to be the most effective tool of entertainment. Figures are from 2014 through 2022, with forecasts for 2023 and 2027. These resources include financial resources, physical resources, human resources and organizational capabilities. This report focuses on the Sporting Goods in global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. In this challenging environment, risks and opportunities abound. The comprehensive report provides a two-dimensional picture of the market. The second characteristic is that monopolistic firms are relatively small, which can result in either new firms to enter the industry or firms that are existing to exit the market.
Sports Equipment Market Size & Share Report, 2022
This report explores demand trends and competition, as well as. At Research Reports World, our objective is providing a platform for many top-notch market research firms worldwide to publish their research reports, as well as helping the decision makers in finding most suitable market research solutions under one roof. The comparison is performed using the eleven key financial ratios see table above. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown ~4% in 2022 disrupting the production and global supply chain and other factors would impact each industry negatively. Get a Sample PDF of report - Chapter 3focuses on analyzing the current competitive situation in the Sporting Goods market and provides basic information, market data, product introductions, etc.
